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Crypto: A new ground for unicorns?

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Venture capitalists define startups worth more than $1 billion in valuation as unicorns. Globally, about 276 companies have been considered billion dollar unicorns. The current largest unicorn is China’s Ant Financial, valued at $670 billion. The world of digital currency is ready to welcome cryptocurrency unicorns.

Although Bitcoin maybe the most well-known cryptocurrency we talk about, other crypto platforms are also rocketing. Just a year back, Bitcoin was the only digital currency in the crypto unicron category, whereas now, around 41 blockchain startups are Unicorns. The first ICO Unicorns arrived when 2 coins, Qtum and OmisGO touched the $1 billion market cap value.

A number of other coins exist in the blockchain space, this new set of currencies, known as ‘alternative currencies’ or ‘altcoins’ are our new cryptocurrency unicorns. What demands attention is the fact that they and are soaring high already.. According to CoinMarketCap.com, the number of altcoins has grown from 64 in 2014 to about 1398 in today’s date. Their total market cap has grown from $2.2 billion to around $500 billion.

As per a tweet by Charlie Belillo, Director of Research at Pension Partners, an investment advisor, with a value of around $505 billion, the world’s top 20 currencies has taken over world’s top 20 billion dollar startups. Bitcoin contributes to about half of cryptocurrency space with a market cap of $ 212.7 billion, whereas the top unicorn 20 startups are cumulatively valued at $465 billion.

Cryptocurrency wallets have had the luck in their favour this year. Bitcoin surged to value of $19,511 in December. Even though it eventually dropped down to $1300, its value is still about 1200 times more than january, 2017.

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